Protean eGov Technologies, formerly known as NSDL E-Governance Infrastructure, has announced the price band for its initial public offering (IPO). The IPO will open for subscription on November 6 and conclude on November 8, with the anchor book opening on November 3. The price band has been set at Rs 752-792 per share for the Rs 490-crore IPO.
This public issue is an offer-for-sale (OFS) by existing shareholders, with the OFS size reduced to 61.91 lakh equity shares from the originally planned 1.28 crore equity shares. The offering also includes a reservation of 1.5 lakh equity shares for the company’s employees at a discount price of Rs 75 per share.
The shareholders participating in the OFS include IIFL Special Opportunities Funds, NSE Investments, Administrator of the Specified Undertaking of the Unit Trust of India, HDFC Bank, Axis Bank, Deutsche Bank AG, Punjab National Bank, and Union Bank of India. At the upper end of the price band, the IPO is expected to raise Rs 490.33 crore.
As this IPO is an OFS, all proceeds will go to the selling shareholders and the company will not receive any funds from the issue. The issue size has been divided, with 50% reserved for qualified institutional investors, 35% for retail investors, and the remaining 15% for non-institutional investors. Investors can bid for a minimum of 18 equity shares and in multiples of 18 shares thereafter.
Protean eGov Technologies is a prominent IT-enabled solution company in India, specializing in the development and execution of large-scale technology solutions for the government. It has extensive experience in creating digital public infrastructure and innovative citizen-centric e-governance solutions. The company was originally established in 1995 as a depository, contributing to the development of the capital market in India.
In the three months ending on June 30, 2023, the company recorded a profit after tax (PAT) of Rs 32.21 crore and a revenue from operations of Rs 220.4 crore. ICICI Securities, Equirus Capital, IIFL Securities, and Nomura Financial Advisory and Securities (India) are the book-running lead managers to the IPO. The shares of Protean eGov Technologies will be listed on the BSE.
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